Default in Production Sample Clauses

Default in Production. 1. Failure to start production. If Yeso-med is, by 30 April 2012, unable or unwilling to fill RMCP’s orders of the Product in the 3ml size in at least the minimum amount provided for in this Agreement, RMCP shall have the right, upon Notice to Yeso-med, and provided that RMCP is current on its payment obligations to Yeso-med, to terminate Yeso-med’s right to produce the Product under this Agreement, make arrangements for substitute supply from whatever successor supplier(s) RMCP deems appropriate, take possession from Yeso- med of the Production Molds and other property of RMCP and have such items so removed transferred as RMCP deems appropriate. Yeso-med agrees to render assistance to facilitate the transfer to the successor supplier(s) facility or facilities of the production molds and other property of RMCP.
Sample 1
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Default in Production. 1. Failure to start production. If Yeso-med is, by 30 April 2012, unable or unwilling to fill RMCP’s orders of the Product in the 3ml size in at least the minimum amount provided for in this Agreement, RMCP shall have the right, upon Notice to Yeso-med, and provided that RMCP is current on its payment obligations to Yeso-med, to terminate Yeso-med’s right to produce the Product under this Agreement, make arrangements for substitute supply from whatever successor supplier(s) RMCP deems appropriate, take possession from Yeso- med of the Production Molds and other property of RMCP and have such items so removed transferred as RMCP deems appropriate. Yeso-med agrees to render assistance to facilitate the transfer to the successor supplier(s) facility or facilities of the production molds and other property of RMCP. 2. Late fulfillment of orders. If Yeso-med is more than forty-five (45) days later in filling accepted orders of Product more than once in a twelve month period, RMCP shall have the right, upon Notice to Yeso-med, and provided that RMCP is current on its payment obligations to Yeso-med, to terminate Yeso-med’s right to produce the Product under this Agreement, make arrangements to take over production from Yeso- med’s production facilities for substitute supply or to make arrangements from whatever successor supplier(s) RMCP deems appropriate, take possession from Yeso-med of the Production Molds and other property of RMCP and have such items so removed transferred as RMCP deems appropriate. Yeso-med agrees to render assistance to facilitate the transfer to the successor supplier(s) facility or facilities of the production molds and other property of RMCP. -34- B. Default in Minimum Orders. 1. Insufficient order for one month. Subject to Yeso-med’s compliance with the terms and conditions of this Agreement, including all related to manufacturing and supply, and subject to any limitations in this Agreement, if RMCP does not place with Yeso-med the minimum order for a single month, then in that event, Yeso-med shall have the right to receive payment from RMCP in accordance with the following formula for each unit below the minimum order amount required for that month: Units below monthly minimum X Supply Price X 50%. For example, if the minimum monthly standing order quantity is 2,500,000 and the order placed by RMCP is for 1,000,000 Units, the amount due to Yeso-med will be calculated as: 1,500,000 x 0.79 CNY x 50% = CNY 592,000 RMCP will have the ri...
Sample 1

Related to Default in Production

  • Default in Payment Any payment not made within ten (10) business days after it is due in accordance with this Agreement shall thereafter bear interest, compounded annually, at the prime rate in effect from time to time at Citibank, N.A., or any successor thereto. Such interest shall be payable at the same time as the corresponding payment is payable.

  • Default in Performance (i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.4.(h) or Article IX.; or

  • Default in Payment of Interest and Other Obligations The Borrower shall fail to pay when due any interest on any of the Loans or any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document, or any other Loan Party shall fail to pay when due any payment Obligation owing by such other Loan Party under any Loan Document to which it is a party, and such failure shall continue for a period of 5 Business Days.

  • Compounding of default interest Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded.

  • Default in Payment of Principal The Borrower shall fail to pay when due (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of any of the Loans, or any Reimbursement Obligation.

  • Post-Default Interest Upon the occurrence, and during the continuance, of any Event of Default, the unpaid principal amount of each Advance shall bear interest at a rate per annum equal at all times to 2% per annum above the rate per annum otherwise required to be paid on such Advance in accordance with subsection (a), (b) or (c) above; provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all times to the greater of (x) 2% per annum above the Base Rate in effect from time to time and (y) 2% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due.

  • Delay in Payments Notwithstanding any provision of this Agreement to the contrary, if any of the severance payments are subject to Section 409A and the Employee is a “Specified Employee” at the time of his Separation from Service, no payments shall be made to the Employee prior to the first business day following the date which is six (6) months after the Employee’s Separation from Service. Any amounts that would have been paid during the six (6) months following the Employee’s Separation from Service will be paid on the first business day following the expiration of the six (6) month period without interest thereon. The Employee may not elect the taxable year of such payment. The six (6) month delay for a Specified Employee does not apply if the Employee dies.

  • Delay in Payment Notwithstanding anything else to the contrary in this Agreement, the BEP, or any other plan, contract, program or otherwise, the Company (and its affiliates) are expressly authorized to delay any scheduled payments under this Agreement, the BEP, and any other plan, contract, program or otherwise, as such payments relate to the Executive, if the Company (or its affiliate) determines that such delay is necessary in order to comply with the requirements of Section 409A of the Internal Revenue Code. No such payment may be delayed beyond the date that is six (6) months following the Executive’s separation from service (as defined in Section 409A). At the end of such period of delay, the Executive will be paid the delayed payment amounts, plus interest for the period of any such delay. For purposes of the preceding sentence, interest shall be calculated using the six (6) month Treasury Xxxx rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of the severance exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) (or any successor Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the severance exception.

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